SAIC Motor and General Motors Extend Joint Venture Partnership Until 2047
Dragon Media News Desk
Chinese automaker SAIC Motor and U.S. company General Motors have announced a 20-year extension of their joint venture partnership, continuing the cooperation until 2047.
The two companies announced the renewed agreement on Wednesday, reaffirming their commitment to strengthening nearly three decades of successful collaboration.
The decision reflects both companies’ confidence in the long-term potential of China’s automotive market at a time when the global automobile industry is undergoing profound transformation.
Under the renewed agreement, shareholders from both companies will further coordinate resources in technology research and development, supply chains and international markets.
They will also continue supporting the intelligent and electric transformation, local innovation, global expansion and long-term development of SAIC General Motors Corporation Limited.
The joint venture plans to launch at least 30 new energy vehicle models by 2030, with the aim of rapidly becoming one of China’s mainstream new energy vehicle brands.
In the field of intelligent vehicle technology, the company will further integrate its local research and development capabilities and expand cooperation with China’s technology industry chain.
It plans to accelerate the deployment of innovations ranging from intelligent cockpits to advanced autonomous driving capabilities, while developing products tailored to the needs of Chinese consumers.
The company will also increase investment in the international business of new energy vehicles. The Buick Electra E7 model is scheduled to be exported to overseas markets beginning in October.
The model will become the first high-end new energy vehicle from both the Buick brand and SAIC General Motors to enter international markets.
Industry experts regard SAIC General Motors as one of the most significant China–U.S. joint venture projects operating over the past several decades.
They said the partnership represents a major achievement of China’s reform and opening-up policy and the modernization of its automotive industry.
